Forbes announced the federal government’s solution to capture direct deposit information from citizens who don’t file taxes or don’t receive social security. This will help to speed up the delivery of the Economic Impact Payment to individuals and decrease the number of checks in the mail. Financial institutions may want to share this information with their customers and members:
Go to IRS.gov, which is the official website of the Internal Revenue Service (IRS).
Access the link that says: “Non-Filers: Enter Payment Info Here.”
You will be taken to Free File Fillable Forms, which a safe and secure IRS partner website.
Create an account with an email address and phone number.
Add your filing information (Single or Married filing jointly)
Add your personal information, including a valid Social Security Number
Check the box if someone can claim you or your spouse as a dependent.
If you want to be paid electronically, enter your bank information. Otherwise, you will receive a paper check in the mail.
You will be asked to verify your information with a driver’s license or state identification. If you don’t have either, you can leave this section blank.
Free Fillable Forms will send you an email confirmation that you’re all set, or whether you need to correct any errors. Once completed, Free Fillable Forms will file a Form 1040 and submit it to the IRS for you.
Here’s the official IRS website: https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here
It is to be expected that scammers, who are spending more time at home like many of us, will take the opportunity to try and spoof the IRS website and grab consumer’s account details.
In the meantime, those who already have their information with the IRS have begun to receive their payments. Here’s the current schedule for the payments which extends through September:
Stimulus checks started going out on April 9, 2020. If you filed your income taxes in 2018 or 2019 and provided your direct deposit information to the IRS, your stimulus check could be sent today. Estimated arrival time in your bank account could be on or before April 14, 2020.
The IRS will start sending paper stimulus checks to taxpayers with the lowest annual adjusted gross income first for taxpayers who filed taxes:
April 24: less than $10,000
May 1: $10,001 – $20,000
May 8: $20,001 and $30,000.
May – September: in order from lowest income to highest income based on 2018 or 2019 tax information.
September 4: any remaining checks, such as to married couples making $198,000 (the maximum joint income that is eligible to receive a stimulus check).
September 11: checks to those who didn’t provide contact information to the IRS.
Overview provided by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group.
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